NN Inc. posts 3Q sales and income gains
NN Inc. reported net sales for the third quarter of 2015 increased $29.2 million, or 23% to $154.8 million, compared to $125.6 million for the third quarter of 2014.
Acquisitions added $41.6 million in revenue. Negative currency impacts reduced reported net sales by $7.8 million versus the third quarter of last year.
Net income of $4.6 million, or 17 cents per share, compared to a net loss of $3.8 million, or 21 cents, in the same period last year.
Net sales for the Metal Bearings Component group decreased $9.0 million to $60.5 million during the third quarter of 2015, compared to $69.6 million for third quarter 2014.
Autocam Precision Components group net sales for the quarter were $83.2 million, compared to $46.6 million in the third quarter of 2014, an increase of $36.6 million. Acquisitions accounted for $39.7 million of the increase.
Plastic and Rubber Components group net sales for the third quarter increased $1.6 million to $11.0 million, compared to $9.4 million for the same period in 2014.
"The third quarter presented a series of challenges in the broader economy that impacted our sales during the quarter. Despite these headwinds we began to see the impact of the NN Operating System as we were able to appropriately manage our business in a rapidly changing environment and deliver strong operating performance," Richard Holder, president and chief executive officer
INDUSTRIAL SUPPLY MAGAZINE
The March/April issue of Industrial Supply magazine features an in-depth cover story about Joyce Lansdale and Vallen. Plus, we're featuring articles by contributing writers Dirk Beveridge, Frank Hurtte, and David Kahle, as well as interviews with numerous product and distribution industry experts.
